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Bloomberg is caught in the middle of two drastically different cultures: Wall Street traders who prefer to keep information private and media outlets that want transparency. Up until recently, journalists had access to information that traders thought was private, which has raised concern in the trading community and brought into question whether these communities can co-exist.

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Scott O'Malia of the Commodity Futures Trading Commission wants the regulatory agency to focus on technology to help cope with the dramatic increase of data brought by rules mandated by the Dodd-Frank Act. "We have found we are very good at prescribing appropriate behavior to you," he said at a recent conference. "We have not done so well in developing our own standards and systems in order to develop our own data strategy."

NYSE Euronext and the Credit Suisse Group have agreed on a proposal to test a "trade-at" rule that would require orders be sold at the best price. They will need the Financial Industry Regulatory Authority to reactivate the alternative display facility to allow alternative trading venues to post bids. If successful, the rule would increase orders in public markets and encourage a Securities and Exchange Commission goal of getting more limit trades posted on public books.

A technological overhaul and modernization of Morgan Stanley's trading infrastructure will save clients fractions of a millisecond, and is enticing them to the firm's trading platform, according to the bank. "As markets continued to evolve, the importance of speed and smart coordination became more and more prominent," said Bill Neuberger, co-head of Morgan Stanley Electronic Trading.